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Pasinex to opt out of Golcuk copper project in Turkey

Pasinex Resources Ltd. said May 25 that it will discontinue efforts to advance the Golcuk copper project in Turkey following a recent geological review.

The company has the right to earn a 100% interest in Golcuk under a 2012 option agreement with EMX Royalty Corp.

Pasinex said there was evidence of copper throughout the property, but it may be hard to get sufficient contiguous mineralization to meet its targets for economical tonnage. As a result, the project will either be transferred back to EMX, sold or the license will be relinquished to the Turkish government.

Golcuk's fair value has been estimated at zero and C$400,000 in disposal costs have been accrued as of March 31, resulting in an impairment charge of C$1.7 million for the first quarter.

Pasinex said exploration will focus on resource expansion near the Pinargozu zinc mine, also in Turkey, and drilling at the Gunman zinc project in Nevada. The company holds a 50% joint venture interest in Horzum AS, which operates Pinargozu, and also has an option to acquire an 80% stake in Gunman.